Matt Lauer has been fired from NBC for inappropriate conduct in the workplace, NBC said Wednesday.

The Today show staple for more than 20 years was accused of "inappropriate sexual behavior" before an internal investigation found "a clear violation" of company standards, according to a statement from NBC News chairman Andy Lack.

Savannah Guthrie announced the termination of her co-host's contract at the start of Wednesday's Today show.

"As I'm sure you can imagine, we are devastated," Guthrie said, with Hoda Kotb appeared at her side. "We are still processing all of this. And I will tell you right now, we do not know more than what I just shared with you. But we will be covering this story as reporters, as journalists. I'm sure we will be learning more details in the hours and days to come. And we promise we will share that with you."

Calling Lauer her "dear, dear friend," Guthrie gave her personal take on the news while connecting it to other recent controversies surrounding high-profile men alleged of sexual misconduct in and out of the workplace.

"We are grappling with a dilemma that so many people have faced these past few weeks. How do you reconcile your love for someone with the revelation that they have behaved badly. And I don't know the answer to that," Guthrie said. "But I do know that this reckoning that so many organizations have been going through is important. It's long overdue. And it must result in workplaces where all women, all people, feel safe and respected. As painful as it is, this moment on our culture, this change had to happen."

In his statement, Lack offered no specifics, but said the complaint that led to Lauer's termination was the first about him in his more than two decades at the network.

However, Lack went on to say NBC was "also presented with reason to believe this may not have been an isolated incident."

Lauer had not yet issued a statement on the news as of late Wednesday morning.